“But just in case there are still nagging doubts, let me say it as plainly as I can — if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.
In fact, it will be safer than it’s ever been. Because starting today, the United States government will stand behind your warrantee.”
Those were President Obama’s words today as he rolled out his new plan for helping General Motors and Chrysler slow down their inevitable slides into bankruptcy. Criticized by many as being overly harsh, probably by the same amount as would be chastising him had he been generous in his proposals, the plan in in all fairness, the most practical approach to the failing companies.
The interesting part of this is the bizarre guarantee of car warranties by the federal government. It seems like a bit of a stretch for Washington to reach into such a sector of private industry, although at this point, everyone will eventually either have a federal gremlin in their gears or be Wal-Mart.